Five-year fixed mortgage rates top 6% as lenders push prices higher

Mortgage rates have broken the 6% barrier for five-year fixed loans, reaching the highest level since September 2023. Two-year fixed rates are close behind at 5.98%, also a multi-year high. Offers below 5% have almost disappeared, dropping from roughly 1,500 to just nine, not counting Northern Ireland-only products.

Virtually all major lenders—including Barclays, HSBC, Lloyds Bank, Nationwide, NatWest, Santander and TSB—have raised rates several times in recent weeks. Analysts link the hikes to renewed inflation concerns, Middle-East tensions and rising bond yields, and expect further Bank of England rate increases. Borrowers facing remortgages are urged to secure fixed-rate deals now, possibly via brokers, to avoid higher borrowing costs.